Forums / Getting Technical / Legal & Accounting / Private Sale – outside of agent after introduction- Brisbane QLD

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  • Profile photo of CodieCodie
    Participant
    @codie
    Join Date: 2016
    Post Count: 13

    Hi all,

    Just after some advice as a buyer,

    I have placed an offer on a property where I contacted the agent, viewed the property through open home on a weekend with many others, then placed an offer the next day. First placing a deadline on my offer which has lapsed, then negotiated with Agent about 5x and come up to a price I had been told was originally what the owner would accept, its now 3 days in and I feel im being strung along and the agent is just trying to keep pushing the price (im actually $10k over the “offers over XXX price)

    I keep being fed the “vendor needs more time to decide story” so I tracked the vendor down online and contacted him directly, in which he mentioned its the second time he has employed an agent that mucks around, (I don’t know why the agent wouldn’t just want to get a deal done straight away)

    After a good chat with the vendor, negotiating where we both are in our situation, timeline for settlement/moving etc

    He has thrown the idea that he as the vendor waits until his 3 month contract with the agent/agency is over, and then myself and him get a contract drawn up between solicitors and get it done. Saving the $20k obviously. He’s going to speak with a solicitor but I just wanted some advice from a buyers perspective

    Obviously I don’t care either way as my offer is what it is and either way it saves me nothing more or less, I didn’t sign up the house with the agent, I don’t have a moral obligation to the agent, I just want to buy the property.

    My question is can this go through smoothly providing its after the 3 month Vendor/agent contract term, I mean if he was to re sign with another agent and I bought it then there would be no issue so what’s the difference of going private? I have no access to the contract that was signed to the agent but Vendor says it was 3 months.

    Regards,

    • This topic was modified 1 year, 10 months ago by Profile photo of Codie Codie.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    It will depend on the terms he has agreed to with the agent. Most of these agreements would state that where the agent introduces a buy the agent will be entitled to a commission even if the purchase/sale agreement is entered into after the lapsing of the agent’s appointment.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    If it stipulates as Terryw said then technically that stands.

    but my guess (as an agent) would be more than likely if you want till its non exclusive, the solicitors can do it all, saving the sellers agent fees (generally minus their advert expenses as per contract).

    So yes this has been done before and will be done again.

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